The most recent Personal Consumption Expenditures (PCE) report was released this morning showing that inflation Rose .3% last month and is up 3.4% you’re over a year. The market was expecting the rate of consumer inflation to increase at the same 3.7% increase shown on last month’s Report. So interest rates were initially looking for some improvement earlier this morning.
And then Second quarter GDP came out at 2.2%, much stronger than the 1.5% expected. Following that, ADP showed that there were 90,000 jobs created last week, which was 20,000 more than expectations. Consequently, mortgage interest rates remembered that they hate life and want to make everyone around the miserable and started rising again.
